North America Electric Drives Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The North America Electric Drives market is analyzed to grow at a CAGR of 6.79% during the forecast period 2022-2027. An electric drive (also known as an electric controller) is a device that controls the output of a motor, such as an electric actuator, to produce linear motion. As a principal source of energy, this drive uses a prime mover such as a gasoline engine, otherwise diesel, steam turbines, otherwise gas, electrical, and hydraulic motors. These prime movers will provide mechanical energy to the drive system for motion control.
Key HighlightsThe market for electric drives is estimated to be highly competitive over the forecast period, as the players in the market are increasingly working on new product development with a sharp focus on overcoming the shortcomings of the prosecutor. The players are also focusing on partnerships, mergers, and acquisitions to expand their consumer base. Major players in the market include Rockwell Automation, ABB Ltd., Schneider Electric, Siemens AG, and Emerson Electric, among others.
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